Vancouver-based Canadian medical cannabis producer Aurora Cannabis (TSX:ACB) announced October 30th it received a cultivation license for its 40,000 sq ft Pointe-Claire Quebec facility, dubbed “Aurora Vie.” This is only the 2nd such license awarded by Canada Health in Quebec, Canada’s most populous province with 8.2 million people.
Aurora bought the facility for $7 million in April 2017 and made $3 million in technology upgrades to comply with the European Union Good Manufacturing Practices (GMP) certification standards. Aurora plans to supply Quebec and, through its subsidiary Panadios, export to Europe from this facility. The facility will produce about 4,000 kg of cannabis a year.
Aurora operates a 55,000 sq ft facility in Alberta known as “Aurora Mountain,” and is constructing an 800,000 sq ft facility near Edmonton Airport named “Aurora Sky.”
GMP FirstEnergy reiterated a ‘buy’ rating on Aurora Cannabis Inc. (TSX:ACB) (OTC:ACBFF) shares with a price target of $3.75 CAD per share. The stock currently trades at $3.14. Its 52 week trading range is $1.850 – $3.950.
With a market cap of $1.26b, Aurora is the 4th largest company in the sector.
Source: Aurora Cannabis